Buy Gbp around 1.2762 with a take profit at 1.3493. | 21 August 2017
21 August 2017, GBP/USD
Technical Observation
Last week, Gbp plummeted in price but is currently approaching a key support line 1.2762. This is a major support on the daily chart, and unless it’s clearly breached to the lower side with a big red candle, I remain hesitant to short Gbp, if I have to short anything, then I can only remain short up to 1.2762. That said, I expect further drop in price towards 1.2762 where I’ll pick a long position towards 1.3493. My advice, intraday traders should remain short towards 1.2762. However, if you’re a day trader, wait and buy gbp upon a clear rejection from 1.2762 with your stop loss slightly below 1.2566 and take profit fixed at 1.3493.
Technical levels:
Resistance levels
R3:1.3081
R2:1.3050
R1:1.3020
Pivot
1.2914
Support Levels
S1:1.2924
S2:1.2935
S3:1.2825
Trade Signal
Buy Gbp around 1.2762 with a take profit at 1.3493.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
